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Daily Dispatches: Citi makes big hire in Australia

Some rare hiring news from an international bank in Australia. Citigroup has poached UBS’ co-head of private equity Aidan Allen to lead its own private equity team.

The Sydney Morning Herald described the move as one of the “most significant” of the last few years, and a “direct challenge” to Citi’s competitors because Allen is one of the “best talents” in Australian investment banking.

But recruiters in Australia say hiring in investment banking is still in the doldrums as global firms remain cost conscious.

Currency curbs (WSJ)
Beijing has unexpectedly introduced new rules intended to curb the flow of foreign currency into the country.

Isle openings (Shanghai Daily)
China and the Isle of Mann have agreed to facilitate Chinese banks in setting up branches on the island.

Bad quality (Asian Banking & Finance)
The asset quality of major Chinese banks continued to worsen in the first quarter as the Chinese economy weakened further.

Citi product (Shanghai Daily)
Citigroup has launched a multi-currency liquidity management product for enterprises on China’s mainland.

Rich residents (WSJ)
Australia has so far attracted 170 applicants to a new programme offering overseas millionaires the right of residency.

NAB results (Sydney Morning Herald)
Investors await results from National Australia Bank.

Happy seniors (Straits Times)
Flexible working hours and a sense of being valued top the list of what bosses need to do to keep their older workers, according to human resource experts in Singapore.

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